Stocks move little as investors wait on election results

Wall Street drifted higher and lower before ending the calmest session in recent weeks with a narrowly mixed performance Monday, as investors largely focused on the election.

Before finishing down just over 5 points, the Dow Jones industrials moved in a range of about 156 points, well below October's average daily swing of 594. While trading was quiet, including the often-volatile final hour, the calm doesn't necessarily mean the market has overcome its worries. Analysts said investors weren't making big moves ahead of Tuesday's voting.

The Dow tumbled more than 14 percent in October, its worst month in 21 years, signaling the market has priced in a significant falloff in economic activity. Wall Street now must determine whether the sell-off in stocks is adequate, not enough or overdone.

The Dow Jones industrial average fell 5.18, to 9319.83, after rising as much as 86 points and falling 70. The day's trading range was its lowest since Sept. 3.

"It pays to be cautious relative to the economy because we don't know how long or deep the recession is going to be," said Matthew DiFilippo, director of research at Stewart Capital Advisors LLC in Indiana, Pa.

Monday's quiet session wasn't a surprise. Many analysts have said that, in general, neither candidate is more favored than the other on Wall Street, but investors are eager to put the uncertainty behind them.

John Dorfman, portfolio manager of the Dorfman Value Fund, noted that even with a difficult economy, the market has priced in a tough recession.

"I think we are groping for a bottom here, and there is often a relief rally after the election is resolved," he said.

Given how far stocks have tumbled, some analysts believe the market is showing signs of bottoming, but that volatility likely will remain. Last month, for all its problems, ended with a positive tone.